Overstock Becomes First Online Retailer to Accept Bitcoin

Overstock became the first retailer to accept Bitcoin last week. The Internet retailer added it as a payment choice along with Visa, MasterCard and PayPal. Internet Retailerreports that Ovestock made 840 Bitcoin-based transactions in the first 24 hours, worth $130,000 in revenue.

Overstock.com Chairman and CEO Patrick M. Byrne, said in a statement, "This is historic. Digital currency will be an important part of the future and Overstock is excited to be the first major online shopping retailer to accept it. As one who believes in limited government, this attracts me because it is a form of money that no government mandarin can will it into existence."

Overstock partnered with Coinbase.com to process the payment and convert the Bitcoin into U.S. dollars.